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$500 earn $30 interest in 5 years. Find the interest rate. please show your steps!

$500 earn $30 interest in 5 years. Find the interest rate. please show your steps!
asked 166k views
18 votes
$500 earn $30 interest in 5 years. Find the interest rate.
please show your steps!

asked
User Smally
by
8.1k points

1 Answer

9 votes
1.2%

I=p•i•t
i=I/p•t
i=30/500•5
i=0.012=1.2% per year




answered
User Corentin Houdayer
by
8.0k points
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